1. Maggy Corporation filed a voluntary bankruptcy petition on August 1, 20x7, and the statement...
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Accounting
1. Maggy Corporation filed a voluntary bankruptcy petition on August 1, 20x7, and the statement of affairs reflects the following information:
|
| Book value | Fair value |
| Assets pledged for fully secured liabilities | P 50,000 | P 45,000 |
| Assets pledged for partially secured liabilities | 60,000 | 35,000 |
| Free assets | 70,000 | 65,000 |
| Unsecured liabilities with priority | 20,000 |
|
| Fully secured liabilities | 30,000 |
|
| Partially secured liabilities | 40,000 |
|
| Unsecured liabilities without priority | 75,000 |
|
Compute the following:
a. The amount that will be paid to creditors with priority is
b. The amount to be paid to unsecured creditors is
c. The expected recovery rate is
d. The amount to be paid to fully secured creditors is
e. The amount to be paid to partially secured creditors is
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